Equinor and KUFPEC plan to start gas production at a new field in Norway

According to the Ministry of Oil and Energy, its development is planned for 2025.

Equinor Energy Company and Kuwait Foreign Petroleum Exploration Company, a subsidiary of the state oil and gas Corporation of Kuwait, plan to start developing a new Eirin gas field on the Norwegian shelf of the North Sea in the second half of 2025. This is stated in a press release from the Norwegian Ministry of Oil and Energy.

“This shows that the Norwegian continental shelf is competitive,” said Terje Osland, Minister of Oil and Energy of the Kingdom, commenting on the receipt of the field development plan by his department.

According to the ministry, the volume of recoverable natural gas reserves at the new field is estimated at 27.6 million barrels of oil equivalent. The total investment in the development should amount to NOK 4 billion ($370 million). Norwegian Equinor owns a large stake in the field (78.2%), KUFPEC owns 21.8%.

Eirin is located near the Gina Krog offshore field already being developed by two companies. Earlier, the termination of work at the latter was scheduled for 2025, but now production will continue, and the vacated capacities will be used in the neighboring gas field. According to data for 2022, Norwegian fields provided 20-25% of gas needs in the EU and the UK. Their share was 3% in the global energy market.